Germany Must Defend the Euro

Financial markets abhor uncertainty; that is why they are now in crisis mode. The governments of the eurozone have taken some significant steps in the right direction to resolve the euro crisis but, obviously, they did not go far enough to reassure the markets.

At their meeting on July 21, the European authorities enacted a set of half-measures. They established the principle that their new fiscal agency, the European Financial Stability Fund (EFSF), should be responsible for solvency problems, but they failed to increase the EFSF’s size. This stopped short of establishing a credible fiscal authority for the eurozone. And the new mechanism will not be operative until September at the earliest. In the meantime, liquidity provision by the European Central Bank is the only way to prevent a collapse in the price of bonds issued by several European countries.

Likewise, Eurozone leaders extended the EFSF’s competence to deal with banks’ solvency, but stopped short of transferring banking supervision from national agencies to a European body. And they offered an extended aid package to Greece without building a convincing case that the rescue can succeed: they arranged for the participation of bondholders in the Greek rescue package, but the arrangement benefited the banks more than Greece.

Germany is Germany because of what happened after WWI. Germany had a hyperinflation which somewhat caused WWII, and the Marshal Plan was designed to not let that experience be repeated. Today, Germany has little tolerance for sloth, as well it should not. That the author of the article should be George Soros is a joke. He only becomes richer because of other people's pain. When the time is right he will short the Euro and drive it into the gound. He wants to be the world's puppet master, and certainly puts his money where his mouth is sponsoring moveon.org and the like.

US investment guru George Soros has squarely blamed Germany for the escalation of Europe’s debt crisis – and in particular Chancellor Angela Merkel’s cautious approach.
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“It was the German indecision that intensified the Greece crisis and led to the contagion that has transformed it into an existential crisis for Europe,” Soros wrote in a guest commentary for the business daily Handelsblatt on Friday.

Soros, who has long criticised Europe’s handling of the crisis, called for the introduction of jointly backed eurobonds – a call that has been made by many economists but resisted by Germany.

He wrote that it had been a mistake to try to back up individual countries such as Greece via bailouts rather than strengthen the European Union as a whole. Germany now had to take the lead, he added.

“Otherwise the euro will collapse.”

The current system of rescue packages for individual counties such as Greece was unsustainable. It meant Italy and Spain had to pay higher interest for their state debt than they were receiving from Greece for the emergency credit they supplied.

Merkel’s policy of small steps was too slow, he said.

Merkel has come under fire from several quarters for staying on holiday even as the stock markets gyrated wildly and deep concern emerged over France’s creditworthiness.

Please comment on Mr. Soros specific statements about Germany and the Euro. Thats
what this thread was about. Do you disagree with them and why?

I like Soros because of his intelligence and because i agree with many oh his comments and thoughts on international and national matters.
I liked William F. Buckley cause he was intelligent, even if i didnt agree with many
of his political viewpoints.
Saying that Soros wants to be the "world's puppet master" is among the worst kind of demagoguery i have seen on this site,
How about commenting on his specific point of view concerning the Euro instead of launching ridiculous political attacks.
.
"demagoguery is a leftist tactic". Oh i see so no Republican or right winger has ever practiced demagoguery. Silly.

"demagoguery is a leftist tactic". This from a guy who claims to have an independent way of thinking about politics. lol
Since you hate the liberal philosophy i quess you have always opposed social security, medicare, medicaid, unemployment insurance, public education and a lot more programs that Liberal thinkers brought to the U.S.

The word "Liberal" was forcibly stolen and corrupted by evil men who intentionally perverted the use and meaning of the word. In the long forgotten past, the word "Liberal" described honorable and principled men who held to a philosophy of government that advocated Constitutional Republicanism. Constitutional Republicanism is a type of government almost unknown to most of the world. America was originally a Constitutional Republic. A Constitutional Republic defined is characterized by a very small government with limits on its powers of taxation and whose other powers are strictly limited by rigorously enforced Constitutional edicts. But modern Liberals are nothing more and nothing less than Communists, Socialists and Dictators. Modern Liberals promote, advocate and enforce the centralization of all political power into an all powerful central government. The honorable old Liberals of the 19th century must be spinning in their graves over the outrageous corruption and modern use of the word "Liberal."

Doesnt matter what you say about party affiliateion Only matters what you beieve and what you say. And based on some of the biasesd and absurd things you have said about Barack Obama and the liberal philosophy I think its clear that you usually come down on the side of the Repulican Party philosophical tenents.

"liberals are trying to destroy the greatness of the U.S.". Sounds like a very open minded and independent way of thinking, LMFAO

You sound more and more like Glen Beck. Great company

"liberals are nothing more and nothing less than Communists, Socialists and Dictators".

Liberals speak often of tolerance, but they only tolerate Liberals and Liberal ideas. For instance, Liberals hate Christianity and conservative Bible believing Christians are persona non grata in any gathering of Liberals. Liberals are extremely intolerant concerning Christianity because of its insistence upon personal responsibility and moral absolutes. Liberals know that a society without moral absolutes and a society without strong emphasis upon personal responsibility will fall like a ripe apple into their greedy socialist clutches because self reliance and rugged individualism are traits that are only found amongst moral peoples who come from strong families.